Hudson’s Bay being taken private by shareholder group
Tech companies, banks lead stocks broadly higher
Technology companies and banks helped power stocks on Wall Street broadly higher Monday, extending the market’s gains of the past two weeks.
The latest gains nudged the S&P 500 above 3,000 points for the first time in a month.
The benchmark index is now within 0.7% of its all-time high set on July 26 but could need a catalyst to set a record.
The S&P 500 index rose 20.52 points, or 0.7%, to 3,006.72. The Dow Jones Industrial Average gained 57.44 points, or 0.2%, to 26,827.64.
The index was weighed down by a sharp drop in Boeing shares.
The Nasdaq climbed 73.44 points, or 0.9%, to 8,162.99.
The Russell 2000 index of smaller stocks did much better than other indices in another sign of investors’ confidence.
The index picked up 14.66 points, or 1%, to 1,550.14.
UAW reaches agreement with General Dynamics
UAW says it has reached a tentative contract agreement for its workers at General Dynamics.
The union, which represents UAW members at the company’s plants in Ohio, Pennsylvania and Michigan, did not disclose details of the agreement Monday. The union said it must first brief its members on those details.
General Dynamics, based in Falls Church, Virginia, is the country’s fifthbiggest defense contractor.
UAW also came to a tentative contract agreement last week with General Motors. Workers there had been on strike for more than a month. That agreement will be used as a template for workers at Ford and Fiat Chrysler.
The deal struck with General Dynamics Corp. is separate from talks in the auto industry.
The owner of Saks Fifth Avenue is being taken private by a group of its shareholders.
Hudson’s Bay said Monday that its common shares will be purchased for 10.30 Canadian dollars ($7.86) per share in cash.
The shareholder group, which includes Hudson’s Bay Executive Chairman Richard Baker, initially proposed in June a buyout offer of 9.45 Canadian dollars ($7.21) per share.
The shareholder group owns 57% of the Canadian company.
In August Hudson’s Bay Co. agreed to sell Lord & Taylor to rental clothing company Le Tote Inc. for $100 million. Earlier this month it completed the sale of its European real estate and joint ventures.
Like many department stores, Hudson’s Bay has struggled to adapt to a dramatic shift to online shopping.
$416M luxury resort under construction at Big Sky
The southern Montana resort community of Big Sky is getting a new $416 million luxury resort soon.
The Billings Gazette reported that the new Montage Big Sky resort is under construction in the private Spanish Peaks Mountain Club and is projected to open in 2021.
The resort will include 150 guest rooms, 39 residences, an expansive 16,000-square foot spa and a private 18hole golf course.
When completed, the structure will encompass 520,000 square feet.
That’s slightly larger than a lodge being built at the nearby Yellowstone Club.
Big Sky Chamber CEO Candace Carr Strauss says the Montage will add to an already existing 1,500 lodging units available nightly in the area.